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The Yellow Appliance Company, an accrual basis taxpayer, sold goods in December 2005 for $10,000 under terms which allowed the customer to return the goods and receive a refund within 60 days of the sale. In January 2006, the customer complained that he was not satisfied with the product and Yellow refunded the customer $10,000. Yellow's taxable income in 2005 was $70,000, and in 2006 Yellow's taxable income was $25,000. The applicable tax rate schedule is 15 percent on the first $50,000 of income and 25 percent on income in excess of $50,000. What is the effect of the refund on Yellow's 2006 tax liability?
Byron incurred a loss on November 30 sale of $220,000. Ignoring income taxes, what amount should be reported in the 2010 income statement as the net income or loss under 'discontinued operations'?
Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued at 100. Prepare the journal entry to record the retirement of the bonds before maturity at 98. Assume the balance in premium on bonds payable ..
What do you think would be an acceptable return on investment in the current economic climate? Please explain.
The quantity purchased is used in computing the direct materials price variance because you are looking for the difference in the price of materials for the job
Iris Corporation owns 30% of Fresia Corporation's stock. On November 15, Fresia Corporation, with current E & P of $320,000, distributes land (fair market value of $100,000; basis of $160,000) to Iris. The land is subject to a liability of $80,000..
At the end of the current year, the accountant for Navistar Graphics forgot to make an adjusting entry to accrue Wages payable to the company's employees for the last week in December.
What are the permanent and temporary differences? What is NOL? Why does it occur? What are the allocation methods? What are the deferred tax assets and deferred tax liability?
Marketing share of mechanical watches where at an all time low of 5%. Research so far has indicated that the watches tend to fail three tests frequently and you need to recommend machines that need to be upgraded because they may be responsible fo..
The installation cost for this equipment was $25,000. The firm plans to depreciate the equipment using the MACRS 5-year normal recovery period. Prepare a depreciation schedule showing the depreciation expense for each year.
Vacaro Corporation provides a variety of share-based compensation plans to its employees. Under its executive stock option plan, Vacaro granted options on January 1, 2009, that permit executives to acquire 20 million of the company's $1 par common..
The manufacturing overhead budget of Lewison Corporation is based on budgeted direct labor-hours. The June direct labor budget indicates that 5,800 direct labor-hours will be required in that month.
Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. Determine the amounts of the components of pension expense t..
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